Short Interest in IM Cannabis Corp. (NASDAQ:IMCC) Drops By 35.5%

IM Cannabis Corp. (NASDAQ:IMCCGet Rating) was the recipient of a large decrease in short interest in April. As of April 30th, there was short interest totalling 222,900 shares, a decrease of 35.5% from the April 15th total of 345,800 shares. Based on an average daily volume of 288,900 shares, the short-interest ratio is presently 0.8 days. Currently, 0.5% of the shares of the company are short sold.

Shares of NASDAQ:IMCC opened at $1.02 on Friday. The company’s 50 day moving average price is $1.69 and its two-hundred day moving average price is $2.44. IM Cannabis has a 12-month low of $0.84 and a 12-month high of $6.35. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.04 and a current ratio of 1.65.

IM Cannabis (NASDAQ:IMCCGet Rating) last announced its earnings results on Thursday, March 31st. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.12). The business had revenue of $15.96 million for the quarter. IM Cannabis had a negative return on equity of 10.04% and a negative net margin of 31.34%. As a group, sell-side analysts forecast that IM Cannabis will post 0.14 EPS for the current year.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Gofen & Glossberg LLC IL boosted its position in shares of IM Cannabis by 100.0% during the 1st quarter. Gofen & Glossberg LLC IL now owns 20,000 shares of the company’s stock worth $43,000 after acquiring an additional 10,000 shares in the last quarter. Jane Street Group LLC boosted its position in shares of IM Cannabis by 130.5% during the 3rd quarter. Jane Street Group LLC now owns 36,461 shares of the company’s stock worth $129,000 after acquiring an additional 20,641 shares in the last quarter. Millennium Management LLC acquired a new stake in shares of IM Cannabis during the 2nd quarter worth approximately $182,000. AdvisorShares Investments LLC boosted its position in shares of IM Cannabis by 7.2% during the 1st quarter. AdvisorShares Investments LLC now owns 742,556 shares of the company’s stock worth $1,589,000 after acquiring an additional 49,609 shares in the last quarter. Finally, K.J. Harrison & Partners Inc boosted its position in shares of IM Cannabis by 4.5% during the 4th quarter. K.J. Harrison & Partners Inc now owns 1,398,062 shares of the company’s stock worth $4,661,000 after acquiring an additional 60,664 shares in the last quarter. Institutional investors and hedge funds own 18.43% of the company’s stock.

Separately, Zacks Investment Research upgraded shares of IM Cannabis from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 5th.

About IM Cannabis (Get Rating)

IM Cannabis Corp. engages in breeding, growing, and supply of medical cannabis products in Israel, Germany, and Canada. It offers cannabis flowers and strain specific cannabis extracts under the IMC brand; and dried flower, pre-rolls, and pressed hash offerings under the WAGNERS and Highland Grow brands.

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